It may cash flow for a while, but then a big repair hits and your sunk. 

The document clearly defines that the Second Party is responsible for contributing all monies needed to repair, maintain, advertise, market and any other expenses as well as the mortgage payments; whereas I, as the First Party, would just contribute the $12k.

Then I ask them to contact me to set up a time when I can come meet them and sign a new lease if they are not under a current lease.I also ask if there are any immediate repairs that need to be made so they know I am going to take care of the property.

A property has a lien on it currently , but will be ". gone " from the property in a few months ( the line's 10 year probate period Will be up in a few months )The property needs $20,000 in repairs ( materials only )I currently have a FHA loan on a propertyThe ARV on this investment property will be $130,000My all-in cost for the property will be around $80,000My main questions please are:1. will i be able to get a 2nd FHA loan if I make this my primary residence vs an Investment Property ?

I have a tenant moving out of one of my 1br units at the end of the month and I'm looking for a contractor to do a bathroom remodel and some small repairs throughout the unit.  

Don't have all of the info needed but looks like after vacancy, capex, repairs and management you are clearing well over 350 per month.

Also if you "kinda" know how to make a certain repair don't. 

She is going to move out for the repairs. 

So we will be utilizing subcontractors, and I wanted to find out how from successful flippers how you coordinate receiving bids on the cost of repairs before submitting a purchase price offer on a home?

So if you only collect $5000 in rent and you remodel the unit or making significant repairs, you will be limited to that $5000 and your net income will be zero.